I was conducting an extremely seasonal business and after 8 years of operation the business was insolvent. 

Syndication Reporting IssuesMissing Form 8918 for reportable transactionsInconsistent investor disclosuresRequired registrations skippedWhat Doesn't Actually Matter:(Despite What Your Uncle's CPA Says)Special AllocationsNormal promote structuresStandard waterfall provisionsTypical developer promotesReality: Unless extremely aggressive, IRS rarely caresTechnical DocumentationMinor §704(b) gapsCapital account glitchesTechnical allocation languageTruth: Unless hiding something biggerProperty Value AllocationsNormal basis step-upsTypical appreciation splitsStandard promote calculationsReal World Example:🏢 100-unit apartment complex4 partners, $5M dealDeveloper promote structure= Zero IRS interestSame Deal With Red Flags:🏢 100-unit apartment complexHidden partner arrangementsArtificial loss allocationsUnreported debt shifts= IRS AttentionPractical Protection Steps:Basic Documentation✅ Clean operating agreement✅ Economic substance✅ Partner contributions tracked(Don't need War & Peace complexity)Economic Reality✅ Allocations match economics✅ Real money movement✅ Actual partner participationClean Reporting✅ Consistent K-1s✅ Required forms filed✅ Clear communicationThe "Sleep Well" Test:Can you explain your structure to an IRS agent without sweating?

Once that is complete, the property is yours.Now all that being said, it makes me EXTREMELY nervous that you don't understand the process and your only go-to is a wholesaler. 

Honestly, it seems like you’ve got more skin in the game than I do since I’m just getting started as a bird dog, but I really admire your approach.I think your focus on tax-efficient strategies and building a reliable team is spot on.

I'm extremely new when it come to real estate.

Hi @David Naphy having a hard time with the numbers honestly. 

Current status for first Airbnb:There's not much to update to be honest, I have been pretty successful for my first airbnb thus far. 

I would assume that if its for a short term loan, it would likely be better terms with the HELOC but I dont know much about the subject honestly. 

Personal guarantees are EXTREMELY common.

DOM nationwide isn't really terribly useful; in extreme situations we will already know the national economic situation.